Trainline (TNLIF) (TNLIY) is a train ticketing company with a significant presence in the U.K. There are some strengths to its business but I don’t see a sustainable moat, and there are political risks which may cloud longer-term returns. I don’t find the stock attractive at its current price.
Trainline: A Well-Known Branded Product
The U.K. government in the 1990s broke up the nationalized train monopoly. What resulted was a messy combination of operators and one of the results of this was that it was overly complex to buy tickets, as there was a plethora